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Single Peakedness and Giffen Demand

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  • Massimiliano Landi

    ()
    (School of Economics, Singapore Management Unversity)

Abstract

I provide a simple example of a single peaked utility function that generates a Giffen demand. The utility function is smooth, non piecewise defined, strictly concave but not globally increasing. A full characterization of the parameter conditions under which the Giffen demand arises is provided. In addition the properties of the demand function are studied: I find that the inferior commodity with a Giffen demand must be cheaper relatively to a substitue and that Giffen demand arises at relatively low levels of income. However it is not required that the share of income spent on that commodity be large.

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Bibliographic Info

Paper provided by Singapore Management University, School of Economics in its series Working Papers with number 02-2012.

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Length: 35 pages
Date of creation: Jan 2012
Date of revision:
Publication status: Published in SMU Economics and Statistics Working Paper Series
Handle: RePEc:siu:wpaper:02-2012

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Keywords: Giffen behavior; Utility function; Single peakedness; Expenditure share.;

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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195102680, October.
  2. Goettler, Ronald L & Shachar, Ron, 2001. "Spatial Competition in the Network Television Industry," RAND Journal of Economics, The RAND Corporation, vol. 32(4), pages 624-56, Winter.
  3. Butler, David J & Moffatt, Peter G, 2000. "The Demand for Goods under Mixture Aversion," Manchester School, University of Manchester, vol. 68(3), pages 349-59, June.
  4. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, Springer, vol. 41(2), pages 247-267, November.
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